Give me answer this question Q: A company has an inventory of 12 units at a cost of$12 each on October 1. On October 5, they purchased 6units at $15 per unit. On October 12, they purchased 17units at $16 per unit. On October 15, they sold 30 units.Using the FIFO periodic inventory method, what is thevalue of the inventory on October 15 after the sale?a. $288b. $106c. $272d. $80e. $560

Initial Inventory:October 1: 12 units at $12 eachTotal cost=12×12=$144 Purchases:October 5: 6 units…

Answered: Q: A company has an inventory of 12…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
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